In a setback to Indian unicorns BYJU's and Swiggy, US-based key investors have significantly marked down their market valuation, the media reported on Friday.
New York-based investment firm BlackRock in a private assessment has slashed the valuation of edtech major BYJU's to $11.15 billion from its $22 billion valuation that the company keeps referring to, according to a report in The Arc, citing the filings.
"BYJU's is India's most valued startup. If other investors follow BlackRock, it may translate into the first major downgrade of an Indian decacorn after Flipkart in 2016," the report said.
BlackRock had entered the edtech giant's cap table at a $12 billion valuation in 2020. Its stake is under 1 per cent.
Sources had told IANS last week that BYJU's is in advanced stages to raise $250 million at a flat valuation, as it struggles to repay a $1.2 billion term loan and turn profitable in 2023.
The sources told IANS that the latest funding round is in "final stages of discussion and will be closed soon within a few weeks".
According to TechCrunch, online food delivery platform Swiggy has also been marked down to a valuation of about $8 billion by Georgia-based investment company Invesco, from its earlier valuation of nearly $11 billion.
Swiggy reached a $10.7 billion valuation in a round led by Invesco in January last year.
Both BYJU's and Swiggy have slashed jobs in order to cut costs in the deepening funding winter.
PM Modi to address first Parivartan Rally on Dec 29 ahead of Delhi polls
The Bharatiya Janata Party (BJP) will kickstart its poll campaign for the upcoming Delhi Assembly elections, with Prime Minister Narendra Modi addressing his first Parivartan Rally on December 29 in Rohini.
PM Modi condoles Bathinda bus accident, announces ex-gratia of Rs 2 lakh to kin of deceased victims
Prime Minister Narendra Modi offered his condolences to the families of all the eight persons who lost their lives in a tragic bus accident in Bathinda, Punjab.
Home Minister Amit Shah lauds ITBP personnel for protecting border areas
Union Home Minister Amit Shah on Friday night praised the Indo-Tibetan Border Police (ITBP) personnel for safeguarding the border areas in challenging and difficult terrains and climates across the country.
Manipur: Assam Rifles provides training to over 600 to empower jobless individuals
Demonstrating its dauntless commitment towards empowering youths in violence-hit Manipur, the Assam Rifles has provided training to 660 men and women this year to upgrade their skills in various trades, officials said on Friday.
‘Outstanding statesman’: Putin mourns demise of Manmohan Singh
Russian President Vladimir Putin on Friday mourned the demise of former Prime Minister Dr Manmohan Singh, describing him as an “outstanding statesman”.
Arunachal successfully preserved its unique identity despite onslaught of modernity: CM Khandu
Arunachal Pradesh Chief Minister Pema Khandu on Friday expressed satisfaction that despite the onslaught of modernity and development, the state has not only successfully preserved its unique indigenous identity but has passed it down through generations.
Osamu Suzuki who revolutionised India’s car market with Maruti 800 no more
Osamu Suzuki, who headed Suzuki Motor Corp for more than 40 years and revolutionised India’s car market with the introduction of the popular Maruti 800 small car, has died at the age of 94.
US Embassy in India breaks record, issues 1 million visas for second consecutive year
The US Embassy and its consulate in India have scripted a new record by issuing more than one million non-immigrant visas for the second year in a row.